Gensyn, a leading provider of blockchain-based computing resources for artificial intelligence platforms (AI), has successfully closed a Series A funding round, raising $43 million. The round was led by venture capital firm a16z, highlighting the growing interest in AI technology.
Gensyn’s innovative protocol enables developers to build AI systems on smaller data centers, personal gaming computers, and other connected hardware, offering on-demand payment options. Leveraging a cryptographic verification network, the protocol ensures that machine learning work shared on the platform is completed accurately, eliminating the need for intermediaries.
Gensyn Aims to Harness the Power of AI for All, Promoting Accessibility and Fairness
Ben Fielding, co-founder of Gensyn, emphasized the immense computational power required for AI’s potential and stated, “We’re harnessing the electricity of a new age and making it available to everyone at unlimited scale and fair market prices.” The company aims to provide widespread accessibility to AI technology, promoting fairness and avoiding biased development driven by a select few.
Harry Grieve, co-founder of Gensyn, highlighted the benefits of decentralized networks, stating, “It also sharply increases the amount of compute supply by connecting previously underutilized hardware from around the world.” By tapping into underutilized resources globally, Gensyn aims to revolutionize AI infrastructure and expand its computational capabilities.
The funding announcement comes at a time of increased interest in AI, with the potential to reshape various industries such as media, retail, manufacturing, and financial services. Gensyn’s latest funding round brings its total funding to over $50 million, enabling the company to accelerate the protocol’s development and expand its workforce. Notable investors including CoinFund, Canonical Crypto, Protocol Labs, Eden Block, and several AI and crypto venture capitalists joined a16z in this round.
Ali Yahya, General Partner at a16z crypto, emphasized the importance of making AI infrastructure widely accessible, stating, “We believe nobody combines the knowledge and cultural understanding of both the AI and crypto cypherpunk worlds better than Gensyn.” The partnership aims to level the playing field by enabling startups to compete with larger technology companies in capturing the value of AI.
With its innovative approach and substantial funding, Gensyn is well-positioned to drive the advancement of blockchain-based AI computing and democratize access to AI infrastructure on a global scale.